The Outdoor Furniture Market is evaluated to achieve the Compound Annual Growth (CAGR) of 6% in the projected forecast period. Furthermore, the market value is expected to reach up to USD 29.3 USD in the forecast period of 2022-2030.
Mainly the tourist spots emerged as the main driver for the boost in the Outdoor Furniture Market Growth. The significant increase of the purchasing power of consumers, such as traveling internationally, is increasing the market demand. Hence, the increase in the rate of international travel is boosting the market demand significantly.
Simultaneously, public gardens, hotels, resorts, and open spaces for comfortable seating are bolstering the market. However, the need for high quality is increasing to attract more potential customers. All these factors are helping the Outdoor Furniture Market to propel in the projected forecast period.
Apart from that, the changes in weather conditions are also creating a significant impact. As a result, the demand for outdoor furniture is also expected to slow down. Moreover, rapid demand for urbanization and expansion urban population is fuelling the demand. Also, in the past several years, the products of outdoor furniture have emerged as one of the attractive items for residential and commercial places.
Furthermore, the boost in the real estate industry will simultaneously impact the Outdoor Furniture Market positively. The demand for extra space in backyards, balconies, indoor gardens will improve the demand for outdoor furniture to add aesthetic appeal to the area.
Due to the imposition of lockdown, companies face significant complications in meeting their partners and improving their supply chain. Hence, it has affected the revenue generation of the companies in this industry. Along with that, the low availability of raw materials and termination by the retail stores have led to a considerable decline in market growth.
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The Outdoor Furniture Market is segmented into product, material type and end-user.
Based on the type of product, the market is segmented into five main categories, i.e., wood, metal, textile, plastic and others.
Also, the seating sets and chairs category in the product type segment is expected to incur significant growth.
The market is also segmented based on the end-user, which is commercial and residential purposes.
The Outdoor Furniture Market has been studied for 6 main regions: Asia-Pacific, Europe, North America, South America, and the Middle East and North America.
There is a significant demand for outdoor furniture in North America. This area is anticipated to develop faster due to the increasing demand for luxurious food and high population density at a rapid speed. Apart from that, Europe is experiencing robust growth in the forecast period. Mainly due to the favorable climate and easy availability of woods, the European region is having a significant boost.
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A British brand for furniture called Very Good and Proper launched in the Outdoor Furniture Market in 2021. This brand is providing sustainable furniture for the outdoors for the summer season. They are also providing sustainable furniture solutions with aesthetic designs suitable for urban areas.
To get a detailed and profound idea about the outdoor furniture market insights, it is very important to create a competitive environment amongst the different key players at different market locations all around the globe. There are various strategies adopted by key players like technology launches, acquisitions, and partnerships to expand their business and stable themselves in the global market.
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